{"id":73996,"date":"2024-07-05T09:42:54","date_gmt":"2024-07-05T13:42:54","guid":{"rendered":"https:\/\/autosector.com\/?p=73996"},"modified":"2024-07-05T09:42:54","modified_gmt":"2024-07-05T13:42:54","slug":"byd-nears-1-billion-ev-plant-turkey-expansion-accelerates","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=73996","title":{"rendered":"BYD closes in on huge $1 billion EV plant in Turkey as global expansion accelerates"},"content":{"rendered":"
\n\t\"BYD-EV-plant-Turkey\"<\/figure>\n

BYD is closing in on a deal to build a massive $1 billion EV plant in Turkey. The news comes after BYD<\/a> opened its first factory in Thailand, with others planned in Brazil and Mexico as it expands in overseas markets.<\/p>\n

<\/p>\n

Turkey\u2019s President, Recep Tayyip Erdogan, is expected to officially announce the deal on Monday. Officials told Bloomberg<\/a><\/em> there will be a ceremony in Manisa province, where the plant will be built.<\/p>\n

BYD\u2019s new plant could help it overcome the potential impacts of new EU tariffs<\/a> on Chinese EV imports. This week, the EU placed extra tariffs of up to 38.1% on electric cars from China.<\/p>\n

Although BYD was included, it was at the lower end, with an additional 17.4% rate. Rivals like SAIC are set to receive an extra 38.1% duties, raising the rate as high as 48.1%.<\/p>\n

BYD expects to overcome the extra duties as it makes more on some EVs<\/a> in Europe than in China due to the \u201cEU premium.\u201d<\/p>\n

According to a study<\/a> from Rhodium Group<\/em>, BYD earns about 14,300 euros ($15,360) on each Seal U model sold in the EU. In China, it earns around 1,300 euros ($1,400). The report notes EU tariffs would need to be raised to 50% or higher to make an impact, but it could hurt European automakers even more.<\/p>\n

\"BYD-EV-plant-Turkey\"
BYD Dolphin (left) and Atto 3 (right) Source: BYD<\/figcaption><\/figure>\n

BYD nears EV plant deal with Turkey<\/h2>\n

Meanwhile, Turkey eased tariffs last week to encourage investments, including from BYD. Electric cars accounted for 7.5% of new vehicle sales in Turkey last year, opening a significant opportunity for the Chinese EV maker.<\/p>\n

The new EV plant in Turkey comes after BYD opened its first factory in Thailand on Thursday. BYD is already the top-selling EV brand in Thailand, but the country is moving quickly toward electric cars.<\/p>\n

\"BYD-EV-plant-Turkey\"
BYD\u2019s new EV plant in Thailand opened on July 4. 2024 (Source: BYD)<\/figcaption><\/figure>\n

Thailand aims for 30% of vehicles made in the country to be electric by 2030. BYD already accounts for nearly 50% of the Thai EV market. <\/p>\n

It\u2019s also the third largest passenger car brand with a 9% share. However, recent price cuts of up to nearly $10,000 have sparked an investigation<\/a> by authorities.<\/p>\n

BYD is also building an EV plant in Brazil, with another one in Mexico likely to be announced soon. With factories in key global markets, BYD looks to accelerate its overseas expansion.<\/p>\n

\"BYD-EV-plant-Turkey\"
Michael Shu, Managing Director of BYD Europe, speaks at the IAA (Source: BYD)<\/figcaption><\/figure>\n

After selling 426,039 EVs<\/a> in Q2, BYD was barely topped by Tesla (443,956) for the title of the world\u2019s largest EV maker. However, a new study from Counterpoint Research<\/em> suggests BYD will take the title<\/a> by the end of 2024.<\/p>\n

\n

FTC: We use income earning auto affiliate links.<\/em> More.<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BYD is closing in on a deal to build a massive $1 billion EV plant in Turkey. The news comes after BYD opened its first factory in Thailand, with others planned in Brazil and Mexico as it expands in overseas markets. Turkey\u2019s President, Recep Tayyip Erdogan, is expected to officially announce the deal on Monday. […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-73996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-cars"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/73996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73996"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/73996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73996"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}